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Development Bank of The Philippines (DBP) vs. National Labor Relations Commission (NLRC)

DEVELOPMENT BANK OF THE PHILIPPINES, petitioner, vs. NATIONAL LABOR RELATIONS COMMISSION and LEONOR A. ANG, respondents.

G.R. No. 108031 | 1995-03-01

D E C I S I O N

BELLOSILLO, J.:

Is declaration of bankruptcy or judicial liquidation required before the worker's preference may be invoked under Art. 110 of the Labor Code?

On 21 March 1977 private respondent Leonor A. Ang started employment as Executive Secretary with Tropical Philippines Wood Industries, Inc. (TPWII), a corporation engaged in the manufacture and sale of veneer, plywood and sawdust panel boards. In 1982 she was promoted to the position of Personal Officer.

In September 1983 petitioner Development Bank of the Philippines, as mortgagee of TPWII, foreclosed TPWII continued its business operations interrupted only by brief...